Markets basically ground sideways on Thursday.  The indecisive day left us with black-bodied Doji-type candles.  However, even this indecisive trading left all 3 major indices at all-time high closes after a small morning gap higher.  On the day, SPY gained 0.16%, DIA gained 0.06%, and QQQ gained 0.55%.  The VXX lost a little over 2% to 16.28 and T2122 fell, but remains in the overbought territory at 86.76.  Meanwhile, the 10-year bond yield rose to 1.165% and Oil (WTI) fell over a percent to $58.00/barrel.

After the close, DIS crushed on earnings ($0.32 vs. loss was expected) on a major revenue beat due to streaming.  MWK did the same.  However, both DVA and EXPE missed on both the top and bottom lines.

Bitcoin surged to a new record high Thursday as both MA and BNY joined the move toward acceptance of cryptocurrency.  MA had previously partnered with cryptocard providers, but the new announcement was that they will be supporting so-called “stablecoins” which are cryptocurrencies that peg their value to some other asset (such as the dollar).  Meanwhile, BNY said it would begin holding, transferring and issuing bitcoin on behalf of institutional customers.  Markets saw both announcements as more evidence of the legitimization of bitcoin.

Related to the virus itself, US infections continue to rage as the US.  The totals have risen to 28,002,240 confirmed cases and 486,922 deaths.  However, the number of new cases continues the recent trend of falling quickly and is back down to the pre-election level as the average new cases are now 105,798 new cases per day.  Still, deaths remain stubbornly high at 2,818 per day.  President Biden said Thursday that deals have been inked to provide an additional 200 million doses of the PFE and MRNA vaccines (raising the total order to 600 million doses).  More importantly, he said the country was on track to have given 300 million vaccinations by the end of July.  In that vein, RAD will begin administering vaccinations today. 

Globally, the numbers rose to 108,380,746 confirmed cases and the confirmed deaths are now at 2,380,746 deaths.  In good news, the world’s average of new cases is down again to 413,916 per day, but mortality remains high at 11,873 new deaths per day.  In France, the Health Minister said that between 20% and 25% of all current cases in that country are of the UK variant.  In Germany, they have imposed border checks and outright border closings to prevent mutations from arriving from the Czech Republic, Slovakia, and Tyrol.  The UK said its economy contracted 9.9% in 2020 due to the virus and Brexit.  However, there was slight hope with the Q4 seeing 1% GDP growth.

Overnight, Asian markets were mostly red, but many markets (and economies) are closed now for the Lunar New Year celebration.  India (-1.34%) and Australia (-0.63%) led the way lower.  In Europe, markets are mixed so far today.  The FTSE (+0.12%) and CAC (+0.06%) are flat, but the DAX (-0.51%) is down with the rest of the continent in a similar situation.  Amsterdam (+0.95%) and Denmark (+0.92%) lead gainers while Portugal (-2.46%) and Russia (-1.01%) lead the losses as of midday.  As of 7:30 am, US Futures are pointing toward a red open.  All 3 major indices are implying a small gap lower of about 0.15% at the opening bell. 

The major economic news for Friday is limited to Michigan Consumer Sentiment (10 am) and a Feb. speaker (Williams at 10 am).  Major earnings reports on the day include AXL, D, FTS, HUN, LECO, MCO, and NWL before the open. There are no reports after the close.

The Impeachment Trial continues to grab headlines, but with the GOP having decided before the trial that there would be no conviction, it should wind down and possibly end today. Even earnings are limited today. So, the driver of the market today may be trader positioning in front of the 3-day weekend.

Follow the trend, respect support and resistance levels, and don’t chase the moves you missed.  It’s all about achieving trade goals and sticking to your discipline.  So, keep locking in your profits when you have them. Stick with your plan, maintain discipline and work your process. Remember it’s Friday and we have a 3-day weekend coming. So, pay yourself and get your portfolio set for the long weekend.

Ed

Swing Trade Ideas for your consideration and watchlist: ASML, AMAT, MRVL, BYND, SOHU, CX, SPCE. You can find Rick’s review of tickers on his YouTube Channel here. Trade your plan, take profits along the way, and smart. Also, remember to check for impending earnings reports. Finally, remember that any tickers we mention and talk about in the trading room are not recommendations to buy or sell.

🎯 Mike Probst: Rick, Got CTL off the scanner today. Already up 30%. Love it.

🎯 Dick Carp: the scanner paid for the year with HES-thank you

🎯 Arnoldo Bolanos: LTA scanner really works $$, thanks Ed.

🎯 Bob S: LTA is incredible…. I use it … would not trade without it

🎯 Malcolm .: Posted in room 2, @Rick… I used the LTA Scanner to go through hundreds of stocks this weekend and picked out three to trade:  PYPL, TGT, and ZS.   Quality patterns and with my trading, up 24%, 7% and 12%…. this program is gold.

🎯 Friday 6/21/19  (10:09 am) Aaron B: Today, my account is at +190% since January. Thanks, RWO HRC Flash Malcolm Thomas Steve Ed Bob S Bob C Mike P and everyone that contributes every day. I love our job.

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Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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